ἱπποπόταμος fulfills at least some loanword criteria (on these criteria see Lubotsky (2001: 301)):
Limited geographical distribution
A more common synonym is not booked. The term is chiefly Greek. Other nile-horse are secondary.
Phonological or morphonological irregularity
Accepting that hippopotamus antedates hippos, the compound may be unremarkable, inasmuch as it is inflected and spelled regularly.
Unusual phonology
That's the overarching question (eg. What is the evidence for *ḱw > *kʷː in Greek?).
Initial /x/ would be unusual in Attic, regular in Koine ‹χ›, also regular in Egyptian ‹ḫ› (which see below). /h/ is lost around the same time, uncertain for Ptolemaic Greek.
Unusual word formation;
- Surely the word should mean a horse who lives in a river rather than a river full of horses. [@Joonas Ilmavirta♦]
- As you will see you are not the first person to notice its unusual formation. [@brianpck]
Editorial rigour is sufficient to explain why ἵππος ὁ ποτάμιος appears in writing.
- As for ποτᾰμός, whether related to path, πόντος or from πῑ́πτω, Frisk consternates: "The etymology is uncertain. - The word could also be Pre-Greek."
Specific semantics, i.e. a word belongs to a semantic category which is particularly liable to borrowing;
The Hippo is limited to Africa. Animal names are liable to borrowing.
Besides, the resemblance of hippos to horses is negligible.
In sum, the term is begging the question on 3/5 criteria (3, 4, 5) with 6 individual problems. The method is difficult to apply here because the arguments are correlated. 1 is actually satisfied from the PIE perspective but naturally so limited in its distribution by the specific semantics (5). 2 makes a technical distinction over typology (3) but the morphosyntax (4) is atypical, so the distinction is fragile and may have been repaired by prudent authors. 5/5 would ask again.
Wiktionary has two Egyptian words for the hippo on offer.
In addition, the behemot is frequently interpreted as "hippopotamus" rather than "elephant", "beast", or else (cf. Ellicott, etc. pp.). The secondary sources are conflicting about whether a tentative Coptic cognate ox of water is definitely real or "Unattested in the Egyptian literature" (en.WT). Obscurum per obscurius. One might also ask, conversely, if the bible verse refered to wild horses.
So the question may be difficult, almost a matter of faith, but it is warranted by scientific rigor.
Is "hippopotamus" a loan?
Typologies of loanwords are various. For the sake of the argument, this is open to calquing, substitution, phono-semantic matching, etc.
Phono-semantic matching (PSM) is the incorporation of a word into one language from another, often creating a neologism, where the word's non-native quality is hidden by replacing it with phonetically and semantically similar words or roots from the adopting language.
Phono-semantic matching is distinct from calquing, which includes (semantic) translation but does not include phonetic matching.
[https://en.m.wikipedia.org/wiki/Phono-semantic_matching]
Nevertheless, "the word loanword is a calque of the German noun Lehnwort" [https://en.m.wikipedia.org/wiki/Calque]. This shows a systematic bias against phono-semantic matching, which is more often called "coincidence" or "nonsense". So the pertinent question is:
Yay or neigh? How are ḫꜣb / hippopotamus coincidence—hasn't anyone so much as thought about this (in peer reviewed publication)?
References:
A. Lubotsky (2001), The Indo-Iranian substratum. In: Carpelan C., Parpola A., Koskikallio P. (Ed.) Early Contacts between Uralic and Indo-European: Linguistic and Archaeological Considerations. Papers presented at an international symposium held at the Tvärminne Research Station of the University of Helsinki 8-10 January 1999.. Helsinki: Societé finno-ougrienne. 301-317.
H. Frisk (1954-1972) Griechisches etymologisches Wörterbuch / Hjalmar Frisk, Indogermanische Bibliothek : Reihe 2, Wörterbücher. Heidelberg: Winter.
R. S. P. Beekes (2010) Etymological Dictionary of Greek, Leiden Indo-European Etymological Dictionary Series; 10, with the assistance of Lucien van Beek, Leiden, Boston: Brill.